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This bill allows businesses affected by federally declared disasters in 2024 to transfer unused general business tax credits to other companies, providing financial relief for disaster recovery. Specifically, it modifies tax law to permit businesses operating in disaster areas to convert a portion of their accumulated tax credits into transferrable credits that can be sold or assigned to other taxpayers, generating immediate cash flow for reconstruction and business operations. The legislation applies to businesses with eligible expenses paid or incurred before January 1, 2028, for operations in any area where the President declared a major disaster after December 31, 2023. Businesses do not need to register these transferrable credits with the Treasury Department if they have already filed a recent tax examination report. The bill primarily benefits small and mid-sized businesses in disaster zones that may have unused tax credits but lack the income to use them immediately, helping them finance recovery efforts.

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